The world’s fifth-largest cryptocurrency exchange, Bittrex, is set to onboard Zild Lending Protocol, a decentralized protocol that supports activities involving lending and debt settlement with the ERC20 tokens.
According to a recent press release, the lending protocol has been well-scrutinized and assessed by the Chinese and US audit firms named Slowmist and Certik respectively.
As such, the protocol has been considered worthy of going live. It has therefore been scheduled for a launch on Bittrex which would further see the lending protocol going live.
The launch of the Zild lending protocol on Bittrex will hold on the 13th of May 2021. Afterwards, the decentralized protocol will go live on May 19 being a few days after its launch on Bittrex.
A New Model For The Money Market Protocol
The design that comes with the Zild lending protocol has set a new model dubbed “multiple pool” for the money market.
Unlike other models, the multiple pool gives room for assets of different pools to be detached from each other. This way, users can only borrow assets from the same pool where they had initially deposited assets as collateral.
Further elaborations from the announcement reads;
“….for those assets with large market flow and relatively stable value, a pool of basic assets with large scale can be formed. For those assets whose volatility is huge or have not experienced sufficient value verification, a pool with small initial asset size can also be established by flexibly setting indicators such as collateral rate and liquidation penalty rate.”
The protocol allows pool creators to solely optimize the interest rate in each pool.
According to statements from one of the company’s team members, the lending protocol has been to cause rapid and effective development of DeFi applications, alongside a secured mechanism.
He further noted that users of the platform can easily utilize the lending services in the decentralized financial market.